GRAND RAPIDS — Netech Corp., a family-owned business founded 19 years ago by James Engen in Grand Rapids, has signed a definitive agreement to be acquired by Presidio Inc. of New York City.
Under the deal, Presidio will acquire the business operations of Netech, an I.T. services provider with revenues of more than $300 million and more than 430 employees, according to a statement. Netech maintains 11 offices across the Midwest.
The deal, which is expected to close in the first quarter, will allow Presidio to expand its geographic footprint and scale up quickly in the Midwest region “with a well-established, high-performing team,” stated CEO Bob Cagnazzi.
“Netech has had an exceptional growth record over 19 years, a proven track record of performance and is strongly aligned with our business model, our core competencies and our corporate values,” Cagnazzi said.
Netech offers data center and cloud services, network and physical security, and enterprise networking solutions in the health care, government and education.
Engen, Netech’s CEO, said the deal with Presidio made sense because of the acquiring firm would maintain his company’s “culture and value system.”
“Presidio’s scale will enable this team to further grow and expand our offerings and create value for our clients,” Engen stated.
Netech has been owned by Mark Wierenga and Engen’s sons, Timothy Engen and Ryan Engen. The three Engens plan to leave the company following the acquisition to pursue other business interests, according to a statement.
Wienenga, who had served as the executive vice president of sales and operations at Netech, will serve as the president of Presidio’s north central area, reporting to CEO Cagnazzi.
Presidio is owned by funds affiliated with New York City-based private equity firm Apollo Global Management LLC (NYSE: APO).